Conway National Bank: News & Events

CNB News & Events

CONWAY NATIONAL BANK ACHIEVES #1 MARKET SHARE ONCE AGAIN IN 2023 FOR HORRY COUNTY

Conway, SC, March 6, 2024 – Based on the 2023 deposit market share report compiled by the Federal Deposit Insurance Corporation (FDIC) and published on FDIC.gov, Conway National Bank was recognized for the 4th year in a row, as achieving the #1 deposit market share position in Horry County. Conway National Bank most recently achieved this position June 30, 2020, 2021 and 2022. At June 30, 2023, CNB held the #1 position with 12.48% of market share.

The Deposit Market Share is the percentage of deposits an FDIC-insured institution has within a defined geographic market based on an annual survey. This data is based on the annual Summary of Deposits (SOD) survey for FDIC-insured institutions as of June 30. The Deposit Market Share Report provides a summary of all FDIC-insured institutions, the number of branches, the amount of deposits and the percentage of their market share for any specified geographic area (state, county, city, zip code). From June 30, 2022 to June 30, 2023, there were 20 institutions competing in the Horry County market.

Founded in 1903, Conway National is a locally-owned community bank that has been serving families and businesses in Horry County for over 100 years. CNB offers the latest technology and digital services for convenient online and mobile banking, as well as 15 local offices for friendly, dependable and personalized customer service

CONWAY NATIONAL BANK NAMED ONE OF THE TOP 200 COMMUNITY BANKS BY AMERICAN BANKER FOR 2021

Conway, SC, June 21, 2021 – Conway National Bank, headquartered in Conway, South Carolina, was again ranked in the “Top 200 Community Banks” by American Banker. The full list of recognized banks is featured in the May issue of American Banker magazine, as well as featured on its website.

American Banker is a leading banking financial magazine and an essential research resource for banks and financial institutions, keeping users updated and informed on vital developments in the industry and providing the latest research and data.

Founded in 1903, Conway National Bank is a locally-owned and managed community bank, serving Horry County and the Waccamaw Neck area of Georgetown County. CNB offers the latest technology for convenient online and mobile banking, as well as 15 local offices for personalized, in person service. CNB is dedicated to providing its customers and all the communities it serves with friendly, secure, and dependable banking.

CONWAY NATIONAL BANK WINS FIRST PLACE IN FORBES BEST-IN-STATE BANK AWARDS FOR SOUTH CAROLINA

Conway, SC, September 25th, 2019 – For the second year in a row, Forbes partnered with market research firm Statista to gauge customers’ overall grade on their banks. A brief survey was administered and Forbes awarded up to five banks per state. Conway National Bank, a community bank headquartered in Conway, South Carolina, was awarded first place for Best-in-State Bank Award for the state of South Carolina.

Forbes is a leading American business magazine that focuses on publishing articles related to finance, investing, marketing, and the overall business industry. In a time when online banks are going head to head with the accessibility and customer service of local banks, Forbes sought to measure overall satisfaction rates from actual customers.

Forbes teamed up with a top market and opinion research institute, Statista, to find the top banks in each state. An independent survey was given to a vast sample of over 25,000 United States citizens and spread among all states. Only community and regional banks were included. Large nationwide banks with branches in more than 15 states were excluded in the survey.

Participants in the survey had to have a checking account at the bank they were rating and the banks were rated on overall recommendations and satisfaction along with five subdimensions. The five subdimensions included Trust, Terms & Conditions, Branch Services, Digital Services, and Financial Advice. Total score was calculated as 30% score recommendation + 30% score general satisfaction + 40% score subdimensions.

Only three banks in South Carolina were awarded the prestigious Forbes Best-in-State Bank Awards. Conway National Bank was among those top three banks and won first place for Best-in-State Bank.

Founded in 1903, Conway National Bank is a locally-owned and managed financial institution that has been serving Horry County for over 100 years. CNB offers the latest technology for convenient online and mobile banking, as well as 15 local offices for personalized, in person service. CNB is a community bank that is dedicated to providing its customers with friendly, secure and dependable banking.

TO OUR SHAREHOLDERS AND FRIENDS:

While impacts to financial markets resulting from the recent presidential election are not yet known, there is a general sense of optimism that the long-term effect of policy changes will be positive for economic growth. The Federal Reserve decreased the federal funds rate 25 basis points on November 7, 2024 and again on December 18, 2024, resulting in a reduction from 5.00% to 4.50%. The Federal Reserve continues to emphasize its dual mandate of maintaining full employment and low inflation. Employment measures remain strong, and inflation levels generally improved during 2024. However, recent inflation measurements indicate further challenges as inflation remains above the Federal Reserve’s 2% target. For this reason, the timing and pace of any future rate cuts have become less certain. The Bureau of Economic Analysis (BEA), in its advance estimate, indicated the U.S. national real gross domestic product (GDP) for the fourth quarter of 2024 increased at an annualized rate of 2.3%, following third quarter 2024 real GDP growth of 3.1%. The increase in real GDP in the fourth quarter reflected increased consumer spending and federal government spending, while imports decreased. Locally, total real estate transactions were up .3% for 2024, at 18,535, as compared to 18,478 transactions during 2023.

The Company’s net income for the year ended December 31, 2024 totaled $18,256,000, an increase of 5.1% from $17,375,000 for the same period in 2023, for a return on average assets of 1.01% and a return on average equity of 11.04% as compared to .96% and 12.50%, respectively, for 2023. On a per share basis, earnings increased 5.4% to $11.63 for the year ended December 31, 2024, as compared to $11.03 for the same period in 2023.

Total assets stood at $1,813.2 million at December 31, 2024, an increase of .3% from $1,807.0 million at December 31, 2023; and capital increased to $172.2 million at December 31, 2024, compared to $150.8 million at December 31, 2023, up 14.2%. Total deposits were $1,529.0 million at December 31, 2024, an increase of 0.9% from $1,515.0 million at December 31, 2023. Loans totaled $792.0 million at December 31, 2024, an increase of 8.2% from $731.8 million at December 31, 2023. Investment securities were $834.8 million at December 31, 2024, a decrease of 9.0% from $917.7 million at December 31, 2023.

Net income for the year ended December 31, 2024 of $18,256,000 is primarily the result of the Bank’s net interest income. Net interest income increased 14.2% to $47,280,000 for the period ended December 31, 2024 from $41,410,000 for the same period in 2023. Other factors affecting earnings during the period include the provision for credit losses, noninterest expense, noninterest income, and income taxes. The provision for credit losses for the year ended December 31, 2024 was $458,000, down 68.2% from $1,442,000 for the same period in 2023. The allowance for credit losses, as a percentage of net loans, measured 1.07% at December 31, 2024 and 1.14% at December 31, 2023. Noninterest expense increased 5.3% for the period ended December 31, 2024 to $32,324,000 as compared to $30,692,000 for the same period in 2023, primarily attributable to increases in salaries and employee benefits, occupancy costs, office supplies and printing, and other operating expenses. Noninterest income decreased 28.7% for the year ended December 31, 2024 to $9,241,000 from $12,963,000 for the same period in 2023 primarily due to an extraordinary gain on the sale of other assets during 2023. Credit and debit card income also decreased. Income taxes increased 12.7% to $5,483,000 for the period ended December 31, 2024 from $4,864,000 for the same period in 2023.

During the year, the Bank launched a new and expanded internet banking platform. The new CNB Internet Banking and CNB2GO Mobile Banking application has been well received by bank customers and will allow for further expansions in real time payment technologies.

Conway National continues to prosper and maintains a substantial financial position, and earnings have been strong in recent years. Management expects that the immediate future periods will continue to be challenging due to stubborn inflation as well as other economic, domestic, and international concerns. However, management believes that with the Bank’s financial position, current systems, and exceptional staff, the Company is well prepared to meet the needs of our growing communities and the opportunities which lie ahead.

W. Jennings Duncan, President

CNB Corporation and The Conway National Bank

CONWAY NATIONAL BANK PROVIDES OUTLET FOR PROPER AMERICAN FLAG RETIREMENT

Conway, SC – As a tribute to our wonderful nation, Conway National Bank is proud to serve as a drop-off location for those individuals wishing to retire their American flag. When the flag becomes worn, torn, faded or badly soiled, it is time to replace it with a new one, and the old one should be retired with all the dignity and respect befitting our nation’s flag.

The U.S. Flag Code states, “The flag, when it is in such condition that it is no longer a fitting emblem for display, should be destroyed in a dignified way, preferably by burning.”

CNB delivers these flags to local patriotic organizations that will ensure proper retirement is carried out.

While the ceremony for flag retirement varies by organization, these emotional ceremonies, also known as “final honors”, are performed with precision and care.

“It is both an honor and privilege to have a hand in something as sacred to our country as retiring the American flag,” says Jennings Duncan, President and CEO of CNB. “We have offered the service of being a drop-off location for years, and it is something we will continue to offer for years to come.”

Flags can be dropped off at any of CNB’s fifteen (15) locations, Monday-Thursday, 9 am – 5 pm, and Friday, 9 am – 6 pm. For physical addresses for each of CNB’s locations, please visit our locations page.

e-STATEMENTS AVAILABLE

CNB e-Statements are online bank statements that look exactly like your mailed paper statements. They are a safe, convenient way to view, print, or download your account statements from our Online Banking website. We can alert you when your statements are ready and it’s FREE. To find out how you can sign up for this service, visit one of our 15 offices today.

CNB EDUCATES CHILDREN ON THE VALUE OF SAVING

Our current economic times serve as a great reminder of how important it is to teach our young children the value of saving. Conway National Bank is proud, once again, to partner with the American Bankers Association by participating in their annual Teach Children To Save Day. This event brings students and bankers together to increase savings education. Since it was started by the ABA Education Foundation in 1997, more than 60,000 bankers have reached some 2.8 million young people.

CNB has participated in this event several years and has had the privilege of reaching thousands of second graders throughout their service area in Horry County and the Waccamaw Neck area of Georgetown County. While the national program focuses on children of all ages, CNB felt if you could teach them early enough, it would become a lifelong lesson. “CNB firmly believes that teaching children about money and savings is a crucial part of providing our youth with a superior education,” says Jennings Duncan, President and CEO of CNB. “Children are typically fascinated by money and enjoy spending. That’s why CNB has joined the nationwide effort to help educate children on these issues.”

While this year’s Teach Children to Save Day was April 21, CNB will implement its program May-June to accommodate the school system’s academic calendar and statewide testing. Spreading it over two months rather than just one day also allows the Bank to reach a lot more children. The 45-minute program is conducted by several bank representatives and includes games and activities allowing students to apply the concepts of saving money. At the end of the program, each student receives a CNB piggy bank and a $5.00 savings certificate, which they can deposit in their previously opened or new CNB savings account. “These children are our future. Everything we do for them today helps secure a better tomorrow,” says Duncan. “We are pleased to offer this program, and are encouraged by the enormous support we receive from our community educators. Without their support, none of this would be possible.”

Plans are already underway for this year’s program, and schedules are being set with the schools. If you have not participated in the past, but would like a visit from CNB, call Austine Vernon, Banking Service Representative, at 843-488-8310.

In addition to the Teach Children to Save program, CNB works with high school students in the Fall with a Get Smart About Credit program.